| [00:00.30] |
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| [00:00.31] |
“Someone" is a loan shark |
| [00:01.93] |
You give him your benefit card as security and he gives you a loan |
| [00:06.58] |
On the day your benefit arrives, he gives you back the card |
| [00:09.88] |
And you go to the post office to get your money, repaying him the interest |
| [00:14.57] |
It's a modern version of Shylock's business model |
| [00:18.03] |
Usury is alive and well and living in Scotland |
| [00:22.77] |
These are some pages from the loan book of a Glasgow loan shark |
| [00:27.03] |
And it's kind of interesting to see how the business model works |
| [00:29.61] |
You lend out maybe ￡10 to someone and you expect to be paid back ￡12.50 at the end of the week |
| [00:36.29] |
That's 25% a week |
| [00:38.88] |
But if you work that out at an annual rate it comes to 11 million percent |
| [00:44.91] |
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